Wednesday, May 5, 2021

Bitcoin (BTC) Becomes $1 Trillion Market Cap Asset after Breaking above $54,000

Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, has recently become a $1 trillion asset after breaking above the $54,000 resistance level, according to CoinMarketCap.

A few hours ago, Bitcoin (BTC) surged to record a new all-time of $53,800. Since then, the flagship cryptocurrency has been on a meteoric soar to new highs.

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Bitcoin (BTC) Becomes $1 Trillion Market Cap Asset after Breaking above $54,000
Courtesy of CoinMarketCap

Bitcoin (BTC) Significant Performance in Recent Months

The price of Bitcoin (BTC) has climbed at a blazing rate in recent months. It has not halted its significant uptrend a bit since it broke through its all-time high of $20,000 it recorded in January 2018.

The current surge has been widely attributed to the increased institutional investors’ interest, especially the latest Bitcoin purchase by Elon Musk’s Tesla, the globally known electric car manufacturing company.

A trader and economist Alex Krüger, recently stated via Telegram that “Bitcoin’s price continues its run higher as expected, driven by extraordinary interest from institutions, corporate treasuries, and retail investors.”

He believes that the recent institutional interest in Bitcoin (BTC) cannot be overstated.

Read Also: American Singer Gene Simmons’ $300,000 Investment in ETH Becomes $1.376 Million in 4 Months

At the time of writing, Bitcoin (BTC) is trading at $54,514.89, with a 5.1% price uptrend in the last 24 hours. Its market cap now stands at $1,011,029,068,891, with a market dominance of 61%, according to CoinMarketCap.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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